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« Goldman Whistleblower Nomi Prins Talks Banking Heist With Tavis Smiley | Main | Have 'GS' Become The New Scarlet Letters? »
Thursday
Nov052009

Dylan Ratigan: Fix The Banking System In 4 Steps

*** VIDEO IS BELOW ***


I spoke today on the Morning Meeting about the four steps the government could take to fix the U.S. banking system and stop the ongoing and expanding corruption of our country. These simple solutions come from the litany of people that I speak with who seek to change the mega-casino our government has built during the past 10 years back to one built on investors, innovators and workers creating things that benefit society.  Unfortunately, our current leaders want to take the easy road of sustaining the casino economy with what I like to call the Magic Money Machine.  Except as with all magic, there's actually a trick; in this case, it is a large bill that will be left to those of us unfortunate enough to still be around when it comes due.  Here are the four pieces of regulation that taxpayers should be demanding from their leaders:

1. Inject transparency, primarily to bring almost $600 trillion of crooked insurance scams to the forefront.  Force almost all swaps onto exchanges, not just the 20% as current proposed reform does. 
 
Secretary Geithner, Chairman Frank and Chairman Dodd are protecting the last of the Wall Street secret money-making schemes. They don't want to force transparency on this market because it would disclose the fraud this massive bank scheme is -- a taxpayer subsidized secret insurance market which sells cheap insurance to hedge funds, power and food and energy companies, and makes for huge profits at banks and insurance companies. Insurance and idle speculation in secret is a brilliant way for banks and other financial services companies to make money (who doesn't want to collect insurance premiums every month for something you'll never have to pay for?!) And a great way to make oil, food and electricity company CEOs richer as they pay less for their insurance. One problem -- they are all surfing on the taxpayers back to the tune of $24 trillion at risk last I checked -- and the U.S. government is the one letting them do it. Still. Now bigger than ever.
 
2. Demand capital to back Wall Street's gambling.
 
In Vegas, you need to have actual money to gamble. Your own money. It's crazy, but true. Even today, in many cases more than ever, U.S. banks use America's FDIC insured safe deposits to fund their own mad bonus-seeking speculation. Once the banks blow through that -- they borrow from the biggest money printing house in the world, the U.S. Federal Reserve to do the same thing. This is truly insane. The banks and their traders keep the upside. You, the taxpayer, keep the downside. No one else in the world can pay themselves billions to take infinite risk with little or no money down, except a big bank CEO. And we thought they were good at their jobs making all that money, when all they did was rig the game using our government to do it.
 
3. Enact a tax-code to encourage long-term investment and discourage short-term profit. Fortunes should not be made in minutes but over years through the creation of value to society.
    
As long as the easiest way for a man or woman to make money is to spend their day clicking for dollars, why would they bother doing all the work of investing in the long-term economic development of private business in America? Tax code in general should encourage investment, jobs, and innovation in America and discourage idle speculation as the easiest way for a college kid to get rich.  There are sensible ways to use tax policy to encourage this that do not hamper liquidity.
 
4. Break up the Too Big To Fail banking institutions. Start with Goldman Sachs and J.P. Morgan. Right Now.
        
How do you expect any other business to compete with the chosen few who are guaranteed profits? The more risk they take, the more they make. Why do you think they invented a fake $600 Trillion secret derivative market in the first place? Bigger bonuses baby. All upside. No downside. Thank you Uncle Sam. Thank you Secretary Geithner.

 

************

Watch (don't click unless you're coming from our email newletter -- clip is below)

 

MSNBC Video: Dylan Ratigan Four-Step Banking Fix -- November 4

************

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Reader Comments (19)

Nov 5, 2009 at 10:40 AM | Registered CommenterDailyBail
Joe Costello predicts that Republicans will gain traction if Democrats don’t wake up.
http://www.newdeal20.org/?p=6091
Nov 5, 2009 at 10:43 AM | Registered CommenterDailyBail
The Democrats Blew It, Republicans Will Be The Champions Of Financial Reform
http://www.newdeal20.org/?p=6046

By Eliot Spitzer
Nov 5, 2009 at 10:48 AM | Registered CommenterDailyBail
Not making any points about Republicans...just saying that if Dems don't shake the bailout and spending label, they are toast in 2010...
Nov 5, 2009 at 10:48 AM | Registered CommenterDailyBail
Republicans Will Be The Champions Of Financial Reform?

Doubtful. Carroll Quigley's Tragedy and Hope theories put to the test once again.
Nov 5, 2009 at 12:04 PM | Unregistered Commenterspideydouble
FYI, even though Ken or somebody prob already posted this somewhere, but today http://www.thisnovember5th.com/ is trying to make Nov 5th (Guy Fawkes Day) the largest multi candidate donation day in history...

http://www.youtube.com/watch?v=-_EbEUE_sBc

Remember remember the fifth of November
Gunpowder, treason and plot.
I see no reason why gunpowder, treason
Should ever be forgot.

http://www.youtube.com/watch?v=q5mn9vy_Rxs
Nov 5, 2009 at 12:04 PM | Unregistered Commenterallie
Love the four pieces of regulation.

"How do you expect any other business to compete with the chosen few who are guaranteed profits? The more risk they take, the more they make. Why do you think they invented a fake $600 Trillion secret derivative market in the first place? Bigger bonuses baby. All upside. No downside."

All by design, no accidents here...

"Republicans Will Be The Champions Of Financial Reform?

Doubtful. Carroll Quigley's Tragedy and Hope theories put to the test once again."


Good one Spidey...
Nov 5, 2009 at 1:53 PM | Unregistered CommenterS. Gompers
Just came across this. Unless this is a hoax (it's not, it's just freakin' surreal), Treasury invited a bunch of bloggers to talk about policy this week -- people like Yves Smith of Naked Capitalism, Michael Panzer, and Kid Dynamite. Abnormal Returns has all the links to everyone's post-meeting write-up. Weird, weird, weird. But check it out. Pretty interesting. (Note to Treasury: If you're reading this, you guys STILL SUCK and we're tired of your bailouts [and your secret bailouts {and your primary dealer Treasury purchase ponzi schemes}]).

Links about one click down the page under "Bloggers Go To The Treasury":
http://www.abnormalreturns.com/2009/11/wednesday-links-one-year-later/
Nov 5, 2009 at 5:24 PM | Unregistered CommenterJames H
Sorry, that's Panzner
Nov 5, 2009 at 7:35 PM | Unregistered CommenterJames H
Should Washington and Wall Street be charged with High Treason?

business, feudalism, american-working-poor, no-more-american-jobs, no-more-freedom-for-anyone, ruling-class-greed, treasonous-bastards, washington-and-wallstreet-have-betrayed-america
JeniferD
http://shock-treatment65.newsvine.com/_news/2009/10/17/3393720-should-washington-and-wall-street-be-charged-with-high-treason
Nov 6, 2009 at 9:57 PM | Unregistered CommenterKen
Banks in Ga., Mich., Minn., Mo., Calif. closed
Regulators shut banks in 5 states; marks 120 US bank failures this year

* By Ieva M. Augstums and Marcy Gordon, AP Business Writers


CHARLOTTE, N.C (AP) -- Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans.

http://finance.yahoo.com/news/Banks-in-Ga-Mich-Minn-Mo-apf-3282864371.html?x=0&sec=topStories&pos=1&asset=&ccode=
Nov 6, 2009 at 11:52 PM | Unregistered CommenterKen
Just came across this. Unless this is a hoax (it's not, it's just freakin' surreal), Treasury invited a bunch of bloggers to talk about policy this week -- people like Yves Smith of Naked Capitalism, Michael Panzer, and Kid Dynamite. Abnormal Returns has all the links to everyone's post-meeting write-up. Weird, weird, weird. But check it out. Pretty interesting. (Note to Treasury: If you're reading this, you guys STILL SUCK and we're tired of your bailouts [and your secret bailouts {and your primary dealer Treasury purchase ponzi schemes}]).

Links about one click down the page under "Bloggers Go To The Treasury":
http://www.abnormalreturns.com/2009/11/wednesday-links-one-year-later/
************************

As I'm sure you know by now, Kid Dynamite has written about the experience over at cluster...fascinating stuff...i'll check out your link...
Nov 9, 2009 at 11:44 AM | Registered CommenterDailyBail
nice V For Vendetta links...thx allie...
Nov 9, 2009 at 11:48 AM | Registered CommenterDailyBail
Ratigan is a charlatan

Tin Foil Hat conspiracy theorist

all-around buffoon
Nov 10, 2009 at 12:06 PM | Unregistered Commenterhh
Dylan needs to put down the pitchfork , and quit demonizing everyone and everything

He is a match and not the fire
Nov 10, 2009 at 12:08 PM | Unregistered CommenterBig Picture
@HH and BigPicture and JJ

You have used 3 names but all the same IP...fuck off banking apologist.
Nov 10, 2009 at 12:26 PM | Registered CommenterDailyBail
Nice catch, DB. Puke on different names with the same IP!
Nov 10, 2009 at 12:57 PM | Unregistered CommenterJames H
HH and BigPicture and JJ, post your address, and I'll send you some assless panties.
Nov 10, 2009 at 1:55 PM | Unregistered CommenterS. Gompers
Gompers rocks
Nov 10, 2009 at 5:05 PM | Unregistered CommenterJ T S

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